Event

A Light at the End of the Tunnel or Another Oncoming Train: the possible end of U.S. citizenship-based taxation

When: Thursday, Aug 16, 2018 - 18:15 to 21:00

Where: St. Michael's College, Toronto Ontario M5C 3C2, Canada

If you are an American citizen residing and doing business in Canada, you bear the pain of the heavy tax burden endured by all U.S. citizens due to the fact that the U.S. is the only major country that imposes worldwide taxation on its citizens no matter whether they live in the U.S. or in another country. In addition, the U.S. imposes significant penalty laden reporting requirements on U.S. citizens living in Canada and abroad.

Change is a possibility.

Did you know that there is a possibility that the U.S. Congress may introduce, debate and vote upon a bill that may ease this burden? This bill would enact ‘Territorial Taxation for Individuals (TTFI)’.

Solomon Yue, CEO of Republicans Overseas has been involved with drafting the TTFI bill. Mr. Yue, who is currently working with AmChams throughout the world, will present publicly shareable information about the TTFI bill, and discuss its progress as it journeys through the legislative process. He will be encouraging AmCham Canada to lend its support in the global effort to encourage Congress to move forward with this legislation.

Joining the discussion will be Elena Hanson, Managing Director of Hanson Crossborder Tax Inc. and a member of Democrats Abroad. Elena will be speaking on the logistics and burden of U.S. tax filing obligations as an American in Canada. John Richardson, a Toronto Lawyer of Citizenship Solutions, will also be joining Elena and Solomon to speak on the lost opportunity cost of being a dual U.S.-Canadian tax filer: Canadian residents who are subject to the U.S. tax system do not have the same financial planning and other opportunities that non-U.S. citizens have.